Opto Circuits (India) Ltd (OCIL), the Bangalore-based manufacturer of non-invasive healthcare products, is increasing its authorised capital from existing Rs 35 crore to Rs 50 crore by altering Memorandum of Association. | |
| It is also plans to increase the foreign institutional investors (FII) limit to 40 per cent of the issued equity capital of the company. |
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| Opto Circuits India also plans to raise funds up to $70 million and increase the borrowing capacity of the company to Rs 500 crore. |
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| A decision to this effect was taken at the company's Extra-ordinary General Meeting held on November 15. |
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| It may be noted that the company is looking at growing the business inorganically by acquiring two to three companies in the non-invasive healthcare product segment in the US. |
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| Its chairman and managing director, Vinod Ramnani had announced at a recent press conference that the company was in an advanced stage of acquiring two companies having a manufacturing base in the US during the present fiscal. |
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| He had said: "We have shortlisted two companies in Boston and southern California and also identified the third one manufacturing cardio vascular product in the US," he said. |
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| It was looking at acquiring a Nasdaq listed company in the US. |
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